- This morning, Element 25 (E25) requested a trading halt ahead of a capital raise
- The company also announced today it has identified manganese values of up to 42.3 per cent with low impurity levels from its Butcherbird Project
- Sub-sampling of diamond cores was undertaken at the Coodamudgi resource within a recently granted mining lease
- Element 25 is gearing up to develop the Butcherbird Project into a major manganese supplier
- Shares last traded for 48.5 cents each on July 1
This morning, Element 25 (E25) requested a trading halt ahead of a capital raise.
Along with today’s announcement, the company also released an exciting update in relation to its Butcherbird Manganese Project in Western Australia.
Element 25 identified manganese values of up to 42.3 per cent from surface with low impurity levels. These values were found during sub-sampling of the diamond core retrieved from BBDD016, which was drilled into the Coodamudgi manganese resource within the project.
Importantly, the Coodamudgi resource lies entirely within mining lease M52/1074, which was granted on June 30.
The day before, Element 25 announced a non-binding memorandum of understanding with OM Holdings’ subsidiary, OM Materials, to supply manganese from its Butcherbird Project. Over the next few months, the companies plan to orchestrate an offtake agreement.
These findings mean the Coodamudgi resource can potentially deliver a concentrate grade which is much higher than the grades used in the assumptions made in the pre-feasibility study (PFS).
“If this can be confirmed under full-scale test work, this will have a positive impact on what are already excellent project economics,” Managing Director Justin Brown said.
The project is set to have “outstanding” economics and a low capital requirement of less than $15 million.
The company’s focus is clearly on developing the Butcherbird Project and utilising funds to do so.
Shares last traded for 48.5 cents each on July 1.